In today’s briefing:
- Quiddity Leaderboard JPX-Nikkei 400: End-May 2023
- Canon NanoImprint. EUV Slayer or Damp Squib?
- Kawasaki Heavy Ind (7012) | Building a Hydrogen Society
- Golf Digest Online (3319 JP) – Follow-Up Q1 FY2023/12
- How Long Will Small Modifications Continue, Avoiding Discussion of the Essential Issues?
Quiddity Leaderboard JPX-Nikkei 400: End-May 2023
- The JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted (capped) market-value-weighted index composed of 400 constituents.
- A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
- Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to be announced in early August 2023 based on trading data as of end-May 2023.
Canon NanoImprint. EUV Slayer or Damp Squib?
- Canon was late to market with its 193-nm immersion litho tool developed in 2007 causing it to cede the leading-edge litho race to ASML and, to a lesser extent, Nikon
- The company has been working on NanoImprint Lithography as an alternative to EUV since 2004 & was supposedly fast tracked by the acquisition of Molecular Imprints in 2014
- Commercial launch was originally slated for 2015. We’re still waiting. Why?
Kawasaki Heavy Ind (7012) | Building a Hydrogen Society
- We are bullish on KHI and see around 40% upside for the share price
- Over the next two years, we expect strong profit growth on recovery in aircraft parts, jet engines and military equipment
- KHI is likely to be a key beneficiary of the Hydrogen economy and is well placed to build a new earnings driver over the next decade
Golf Digest Online (3319 JP) – Follow-Up Q1 FY2023/12
- On May 4, GOLFTEC announced the launch of “SkyTrak+,” a premium version of the award-winning and No.1 best-selling consumer launch monitor, now offering tour level accuracy and performance at a price that is still only a fraction of the top-ofthe-line commercial-use product.
- Having largely completed the integration of SkyTrak business during the 1Q, the GOLFTEC ANYWHERE initiative is now going into full swing.
- Since our 4Q FY22/12 Follow-up Report, GDO’s share price has declined another 12.7%, the decline from the peak now equal to the -64% seen in the case 1 shown below.
How Long Will Small Modifications Continue, Avoiding Discussion of the Essential Issues?
- The number of workers expected to be in short supply could further expand if parameters change, such as decrease in working-age population due to further decline in the birth rate.
- Even if the current foreign technical internship system relaxes the “no change of employer” restriction somewhat, changing the status of residence to permanent residence has not been points of discussion.
- Government has avoided discussions that lead to the acceptance of foreign nationals based on permanent residency and as a result, the problems of population decline and worker shortages have worsened.
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